| Journal Volume 11, No 4, ISSN: 1832-8505 Date: September, 2017 |
| Title: RISK AND RETURN PROFILE OF LISTED PROPERTY COMPANIES IN ASIAN LESS DEVELOPED MARKETS |
-By Nurul Afiqah Azmi, Ahmad Tajjudin Rozman, Muhammad Najib Razali & Hishamuddin Mohd Ali
Abstract
This paper examines the risk and return profile of listed property companies in Asian developed property markets. The less developed property market consists of Philippines, Sri Lanka, China, India, Indonesia, and Vietnam. This paper was conduct over the period of January 1994 to December 2014. The data was used in form of monthly price indices from January 1994 to December 2014 for listed property companies, shares and bonds for all countries. This research seeks for the property risk and return performance using empirical analysis such as risk adjusted performance analysis, correlation analysis, efficient frontier and asset allocation. Based on the portfolio management theories, Sri Lanka and Philippines are the two countries showed property outperformed bonds and underperformed shares. Meanwhile listed property companies Indonesia, China, India and Vietnam were underperformed shares and bonds. The findings are useful as guidance for Asian and International investor to invest in Asian less developed property market.
Keywords: Listed property companies, Asian property market, Less Developed Countries, Risk and Return
01 – Risk and Return profile of Listed Property Companies in Asian Less Developed Markets
| Journal Volume 11, No 4, ISSN: 1832-8505 Date: September, 2017 |
| Title: AN EXPLORATORY FACTOR ANALYSIS AND RELIABILITY ANALYSIS FOR GREEN AFFORDABLE HOUSING CRITERIA INSTRUMENT |
-By Masitah Zulkepli, Ibrahim Sipan & Jibril Danazimi Jibril
Abstract
A Green Affordable Housing (GAH) criteria questionnaire was developed to determine stakeholders’ preferences and their willingness to pay according to GAH criteria and features in Malaysia. This study was conducted in Johor Bahru, Klang Valley, and Penang to elaborate the development of valid and reliable instrument. Reliability test and exploratory factor analysis (EFA) was used to measure the instrument so as to produce an empirical verification of the validity and reliability of the questionnaire. Literature search and pilot study with potential homebuyers, developers, and local authorities in Johor Bahru were carried out and appropriate items were extracted. From 39 items composed, 26 items remained to be completed by study sample because some items were not applicable to be incorporated into Malaysia’s local conditions. The instrument measured six constructs namely Energy Efficiency (EE), Sustainable Site Planning and Management (SM), Water Efficiency (WE), Material and Resources (MR), Indoor Environmental Quality (EQ), and Innovation (IN) with 7-point Likert Scale. All six constructs have high reliability index value which is between 0.988-9.989. Accordingly, the factor analysis final outcome was six criteria with eigen value more than 1 that explained 66.67 percent of variance in the data. Factor loading for each criteria ranged from 0.534-0.829, reflecting the dimension of the six criteria. The result obtained has proven that this study’s instrument has high reliability and validity.
Keywords: Willingness to Pay, Green Affordable Housing Criteria, Reliability, Validity, Exploratory Factor Analysis (EFA)
| Journal Volume 11, No 4, ISSN: 1832-8505 Date: September, 2017 |
| Title: URBAN FOREST PARK AS ECO-SPACE FOR LIVEABLE CITY: ARROCEROS FOREST PARK, MANILA, PHILIPPINES |
-By Zosimo O. Membrebe, Jr, Alain Jomarie G. Santos, John Christian C. Valeroso, and Arlen A. Ancheta
Abstract
The Arroceros Forest Park (AFP), located at the transportation hub of Manila, is one of the remaining urban forests parks in Metro Manila. As a 2.2-hectare green space it contains different varieties of trees and plants, and considered as the “last lung” of the city of Manila (Roces, 2007). However, most of urban forest parks, accessible to students and work place are not politically prioritized (Chiesura, 2004), thus the objective of the study is to understand how collaborative management of interest groups sustain AFP and raise awareness on the importance of Urban Forest Park as eco space among urban residents in promoting social and emotional well-being. Anchored on the concept of eco-space in creating liveable city (ADB, 2012), the paper argues that more attention should be given to forest parks as they mitigate climate change and provides well-being of urban residents. AFP is home to some migratory bird species, is also used as venue for recreational activities of some civil society organizations. The study used qualitative and quantitative methods to determine how institutions and interest groups protect the forest park as an eco-space in Manila. Results show that AFP is managed and maintained by Winner Foundation, a non-government organization in collaboration with the Department of Public Service of the city government of Manila. It is a gated public green space and the lot area is shared with a city government office. Its location a stone throw from the Manila City Hall, not popularly known among the urban residents and students. Though supported by civil society organizations, urban residents are not aware of its ecological value and importance in creating liveable cities. In conclusion, there is a need to strengthen collaboration between the local government and private sector to sustain this eco space as a key to urban quality life and mitigation strategy against urban problems.
Keywords: Arroceros Forest Park, eco space, sustainability, and collaboration
03-URBAN FOREST PARK AS ECO-SPACE FOR LIVEABLE CITY, ARROCEROS FOREST PARK, MANILA, PHILIPPINES
| Journal Volume 11, No 4, ISSN: 1832-8505 Date: September, 2017 |
| Title: EVALUATION OF MAIN SUBJECTS OF VALUE ENGINEERING GUIDELINE TO IMPROVE FUNCTION FOR BUILDING DEVELOPMENT IN INDONESIA |
-By Sesmiwati, Dwifitra Y. Jumas
Abstract
Building as a complex entity involving various factors such as social, physical, aesthetic and environmental must be analyzed and assessed to create building that meet the needs and desires of the owner and user. Value Engineering (VE) is a systematic method and organized procedural decision-making process by using function analysis. The application has been used increasingly as the best solution to address issues in construction industry. The previous study stated that applications of VE in Indonesian construction industry have not done properly and proposed to provide VE guideline to optimize the application of VE in order to produce the best value outcome. The objective of the study is to evaluate the main subjects of VE guideline for building development. A questionnaire survey was formed to address the study objective to building construction practitioners in Indonesia. The study found that lacks of VE concept were limited to increase the efficiency of the project. Activities in VE study and function as the key foundation of VE study have not been understood, function analysis is an innovative ways to generate ideas of the project. Based on findings, VE guideline would clarify purposes of VE application, systematic process and team dynamic of VE study.
Keywords: Value Engineering, Guideline, Function Improvement, Building Development
| Journal Volume 11, No 4, ISSN: 1832-8505 Date: September, 2017 |
| Title: APPROACH TOWARDS AN IDEAL ENVELOPE SHAPE DESIGN FOR ENERGY EFFICIENCY AND LOW CARBON EMISSION |
-By Siva Jaganathan, Abdul Hakim Mohammed, Mohd Shahril Abdul Rahman and Lenin Jawahar Nesan
Abstract
The building envelope shape is the most salient design characteristic and has a significant influence on energy consumption during the post-occupancy service life and carbon emission. However, during the conceptual design phase, envelope shape finding is defined without considering the energy performance during post-occupancy service life and sustainable characteristics (i.e. low carbon emission). In addition, there is no suitable method for designers to make such calculations. To bridge the post-occupancy service life in efficiency, this research developed an ideal envelope shape finding approach to facilitate the conceptual design phase. The steady-state principle has been used to predict the thermal flow and energy impact on the aspect ratio of various shapes, and compactness. Integrated dynamic simulation and particle swarm optimization method were used to identify the optimal and sub-optimal combinations of envelope shapes for energy consumption and carbon emission. The findings of this research provide a benchmark of energy consumption characteristics of envelope shape and a cut-off range for low carbon emission envelope design. This is one of the simplified design approach facelift the conventional design process to predict post-occupancy energy performances and carbon emission impact.
Keywords: Energy, Optimization, Envelope, Design, Shape, carbon emission
05-Approach Towards an Ideal Envelope Shape Design for Energy Efficiency and Low Carbon Emission
| Journal Volume 11, No 4, ISSN: 1832-8505 Date: September, 2017 |
| Title: SUGGESTION AND THE FORCE OF LAW: A COMPARISON OF THE PHILIPPINE, JAPANESE, AND SINGAPOREAN BUS SYSTEMS |
-By Geriko Gene D GOMEZ and Chadwick Co SY SU
Abstract
The bus system of the Philippines is compared to those of Japan and Singapore to propose solutions to the inconsistent and neglected use of bus stops in Metro Manila, an issue among many that may threaten the sustainability of the economic gains made by the country at large. Cross-national comparative and historical comparative research methods, along with the authors’ personal experiences, are used to examine the bus systems, guided by Standpoint Theory and Information-Integration Theory. While the three countries all have laws to address bus safety, driver wages, and bus stops, implementation is found to be the main cause of the bus problem in the Philippines, which is evidenced by both the poor enforcement of the government and the negative view of the involved public toward the bus laws. The use of three frames of reference and certain parameters for enforcement used for traffic enforcement in Europe is suggested; such use is foreseen to establish a proper template for better bus and traffic law enforcement in the Philippines.
Keywords: bus systems, traffic enforcement, traffic rules, Standpoint theory, mass transportation
06-SUGGESTION AND THE FORCE OF LAW
| Journal Volume 11, No 4, ISSN: 1832-8505 Date: September, 2017 |
| Title: FACTOR AFFECTING GROSS DOMESTIC PRODUCT (GDP) GROWTH IN MALAYSIA |
-By Raja Nurul Aini Raja Aziz and Amalina Azmi
Abstract
Gross Domestic Product (GDP) growth has always been treated as current issue that studied by many researchers. Inconsistency growth of GDP per capita within a country will lead to higher incidence of poverty as well as hinder the progress in health, education, crime and eventually the economic growth. The factors towards GDP growth are relatively important to prevent the occurrence of socio-political instability. This paper investigates the relationship between Gross Domestic Product (GDP) growth and the factors such as Inflation, Foreign Direct Investment (FDI) and Female Labor Force Participation in Malaysia. Annual time series data for the 1982 to 2013 periods, the Ordinary Least Square Method (OLS) and Augmented Dickey Fuller (ADF) are used for the analysis. The results identify that among the factors of FDI and Female Labor Forces have positive impact on GDP growth. However, FDI is the only variable that contributes significantly to GDP growth in Malaysia. Moreover, Inflation correlated negatively with GDP growth but it is not significant factor towards GDP growth in Malaysia. Furthermore, it is found that the GDP, Inflation, FDI and Female Labor Forces are stationary in levels. Based on the result, it is suggested by maintaining the stability on inflation; Malaysian government can increase tax and reduce government spending in order to reduce the inflationary pressure. In addition, identify solutions for current economic obstacles.
Keywords: Growth Domestic Product, Female Labor Force, Inflation, Foreign Direct Investment, Regression, Unit Root Test, Autocorrelation, Heteroscedasticity
07-FACTOR AFFECTING GROSS DOMESTIC PRODUCT (GDP) GROWTH IN MALAYSIA(1)